Nortel Gets Extension To Defend ERISA Counterclaim

Law360, New York (June 25, 2007, 12:00 AM EDT) -- A U.S. magistrate judge has given Nortel Networks Corp. more time to defend its position against an employee retirement investment plan lawsuit stemming from an alleged accounting fraud scandal at the company.

Judge John S. Bryant of the Middle District of Tennessee gave Nortel until July 31 to respond to a motion to dismiss the Canada-based communication company's counterclaim and defenses to the proposed class action. Bryant's ruling Friday noted that the extension “is not being requested for any improper purpose, including to unduly delay these...